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Asymmetric Employment Cycles in Britain: Evidence and an Explanation

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  • Burgess, Simon M

Abstract

Search and matching models imply that firms' employment adjustment costs depend on the tightness of the labor market, giving rise to endogenous or nonlinear dynamics in employment. This paper sets this argument out in detail, estimating a model simultaneously explaining the long-run level of employment and the nonlinear dynamics. One of the implications of the estimated model is that asymmetric business cycles occur with the downswing in employment being sharper and deeper than the upswing. Copyright 1992 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 102 (1992)
Issue (Month): 411 (March)
Pages: 279-90

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Handle: RePEc:ecj:econjl:v:102:y:1992:i:411:p:279-90

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Cited by:
  1. Valérie Mignon & Gilles Dufrénot, 2002. "La cointégration non linéaire : une note méthodologique," Économie et Prévision, Programme National Persée, vol. 155(4), pages 117-137.
  2. Thomas Lux, 1992. "A note on the stability of endogenous cycles in Diamond's model of search and barter," Journal of Economics, Springer, vol. 56(2), pages 185-196, June.
  3. Robert A Buckle & David Haugh & Peter Thomson, 2002. "Growth and volatility regime switching models for New Zealand GDP data," Treasury Working Paper Series 02/08, New Zealand Treasury.
  4. Ray Barrell & Dirk Willem te Velde, 2002. "European Integration and Manufactures Import Demand: An Empirical Investigation of Ten European Countries," German Economic Review, Verein für Socialpolitik, vol. 3(3), pages 263-293, 08.
  5. McKay, Alisdair & Reis, Ricardo, 2008. "The brevity and violence of contractions and expansions," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 738-751, May.
  6. Pfann, Gerard A., 1996. "Factor demand models with nonlinear short-run fluctuations," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 315-331.
  7. Zwick, Thomas, 1999. "Innovations induce asymmetric employment movements," ZEW Discussion Papers 99-24, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  8. Hassink, W.H.J. & Broersma, L., 1993. "Labour demand and job-to-job movement : macro-consequences as a result from micro-economic behaviour," Serie Research Memoranda 0001, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  9. Akram,Q.F. & Nymoen,R., 2001. "Employment behaviour in slack and tight labour markets," Memorandum 27/2001, Oslo University, Department of Economics.
  10. Skalin, Joakim & Ter svirta, Timo, 2002. "Modeling Asymmetries And Moving Equilibria In Unemployment Rates," Macroeconomic Dynamics, Cambridge University Press, vol. 6(02), pages 202-241, April.
  11. W A Razzak, 1998. "Business cycle asymmetries and the nominal exchange rate regimes," Reserve Bank of New Zealand Discussion Paper Series G98/4, Reserve Bank of New Zealand.
  12. Ricardo Paes de Barros & Carlos Henrique Corseuil & Gustavo Gonzaga, 1999. "Labor market regulations and the demand for labor in Brazil," Textos para discussão 398, Department of Economics PUC-Rio (Brazil).
  13. Manfred M. Fischer & Wolfgang Koller, 2001. "Testing for Non-Linear Dependence in Univariate Time Series: An Empirical Investigation of the Austrian Unemployment Rate," ERSA conference papers ersa01p233, European Regional Science Association.
  14. Franchi, Massimo & Ordóñez, Javier, 2011. "Multiple equilibria in Spanish unemployment," Structural Change and Economic Dynamics, Elsevier, vol. 22(1), pages 71-80, February.

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